iHeartMedia wins corporate lawsuit, after battling major debt…
Massive radio conglomerate iHeartMedia has long been struggling to stay afloat after saddling itself with billions in debt. Now, there’s a welcomed breather: iHeart scored a breakthrough in a corporate lawsuit over loan repayments, according to The San Antonio Express News.
Back in March, iHeartMedia was faced with a default notice from its senior creditors. The warning came after they decided to transfer 100,000,000 shares of Class B common stock in Clear Channel Outdoor Holdings to Broader Media LLC, another subsidiary.
The transfer happened on December 3rd of last year, and creditors claimed that this action was forbidden under the terms of the loan. In response, iHeartMedia challenged the allegations by filing a lawsuit against creditors in Bexar County State District Court.
On Tuesday, March 8th, iHeartMedia Inc responded against creditor allegations with the following statement:
”We believe our recent contribution of Clear Channel Outdoor Holdings, Inc. stock to our subsidiary Broader Media, LLC constituted a permitted investment under, and fully complied with, our financing agreements.”
”We strongly believe the notices of default issued by the lender group based on the contribution are invalid.”
The court granted iHeartMedia with a 14 day restraining order, which prevented further default notices from its creditors. That bought a little time, and delayed a number of seriously financial implosions including bankruptcy. This latest advancement in the case is a major win for the company and a massive weight of their shoulders…. for now.
(Image by Beth Cortez-Neavel, Creative Commons, Public Domain)
They can always convert all Radio stations to simple music stores!
Between Radio, music industry and mega stars it should be possible to take music back from Google sadistic and mindless enslavement!
They can always convert all Radio stations to simple music stores!
get out of 1992.
Iheartradio, used to be Clear Channel. No one seems to know that, they’ve already gone bankrupt before. They’ve already killed radio, music venues, and other parts of artistry. They are corporate savages that destroy everything they come into contact with, they have no souls and all of their RF stations are capable of heavy rotation. They replace dj’s with robots, literally. I hope they go down in a horrible ball of flames.
Terrible music on the radio = bankruptcy? Who would’ve thought it? Apparently Cumulus is also having financial problems.
How about reinstating the limits on the number of stations one company can own?
American conglomerate commercial radio over AM/FM is horrible.. boring and plainly heading for the dumper..
There needs to be a pirate radio revolution in the USA – someone should anchor a ship at sea off the coast of San Francisco in International waters with a 100 KW AM transmitter and a 200 foot radio mast and broadcast good music and entertainment on AM as well as over FM and Shortwave.